Replies to post #275028 on NorthWest Biotherapeutics Inc (NWBO)

[GoodGuyBill]

UMIBE5690,

I agree that the entire scenario surrounding Duffy's departure is complicated. I agree also that he would have to be crazy "to leave his cozy and remunerative nest at Merck" without golden handcuffs in the form of stock options. The crux of the matter surrounds whether or not Duffy received a substantial amount of stock.

In april 2018, shareholders voted

to increase our authorized shares of common stock, from 450,000,000 to 1,200,000,000, par value $0.001 per share (the “Common Stock”);

I would think that at the time with approx 600M+ shares and another 550-600M warrants/options allocated, NWBO was close to hitting it's limit (if it hadn't already) by the time they hired Duffy. So how could Duffy have been given golden handcuff level stock options? Where did they come from?

But, I may be completely wrong. Perhaps there is a way for LP to award shares on an IOU basis or pursuant to an authorization of additional shares. Or maybe LP had the shares and my recollections and data are inaccurate (although most longs were surprised that LP did not add a vote to authorise additional shares in the proxy statement).

Well, you are right: it's complicated. Perhaps, in hindsight, I should have adopted the adage, "Fools rush in where angels fear to tread", lol.

Regardless of why Duffy came to NWBO and abruptly left, I don't think it changes my outlook on NWBO. I have long ago ascribed to the idea that LP doesn't give a darn about optics. i don't think she cares much about how shareholders, naysayers or whoever says or think. IMHO, Linda Powers knows she has the goods and she is executing her plan without regard to how things look or effect the stock pps on a day-to-day basis.

But...then again...what do I know? Not much...just opinions.

Indeed, jumping to a company like NWBO would require enticements such as golden handcuffs especially to persuade someone of Duffy's stature to leave his cozy and remunerative nest at Merck. If he did not have golden handcuffs, he was otherwise crazy, IMHO, or something else along your lines.

I don't know what the reporting requirements for stock etc are as I am not an SEC lawyer. However, none of us have seen his agreement or know what his compensation arrangements are. Frankly, I don't see that Merck and Duffy conspired in a complicated stratagem to get Duffy hired for DD purposes. It is possible but in my view highly unlikely. More probable would be that LP assented. But if she did, why go through the subterfuge of hiring Duffy knowing he would go back and knowing that any deal with Merck would not be guaranteed? Did LP pay for Duffy's DD on behalf of Merck as an employee? Or did Merck reimburse NWBO? It gets complicated and at the end the employment raises more doubts than ever. Rather, it would have been easier to have Duffy silently sit down and allow him to do his DD and in exchange solicit his contribution on the SAP also as a vehicle in helping him develop DD through the SAP contribution process. They could have kept this under wraps and nobody would be the wiser. Or if there were a leak, it would be positive since big P is supposedly interested enough to be sniffing around NWBO offices. i don't think you need to go the employment route to accomplish the DD objective if LP were on board. To do so in secret so quite another thing and could be interpreted as a fraud vehicle to steal valuable IP. Hence, I think it unlikely and LP much the wiser from her Ondra experience.

Anyway, very disappointing and unsettling. But.....can be cured by stellar TLD delivered on or before the ASM where the meeting discusses the interesting results. Now, that is interesting!!